“Outdated and archaic legislation will be replaced” – Finance Minister

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Minister of Finance and Media, Mangala Samaraweera says the government is taking stock of outdated and archaic legislation, including the Customs ordinance that was introduced in 1856, and the Excise Act of 1912, to enable those institutions to effectively function in the contemporary global trading environment.

The Finance Minister Mangala Samaraweera said this speaking at Conference titled “Applying New Technology to Make Sri Lanka’s International Trade More Efficient and Inclusive” held in Colombo today (30).

The Minister said in order to realize Sri Lanka’s ambitions to become an Indian Ocean trading hub, it is essential to streamline the trade processes to ensure efficiency, transparency, and integrity in a rule-based environment.

He added that with the support of development partners, including Australia, Sri Lanka is in the process of implementing a National Single Window for trade facilitation, which would enable traders to fulfill all necessary procedures under one roof.

This would make Sri Lanka a truly attractive destination for efficiency seeking export-oriented FDI, the Minister added.

Samaraweera said that the application of cutting-edge technology in key institutions is a major focus of the Finance Ministry.

“We have this year commenced the implementation of RAMIS at the Inland Revenue Department which has already yielded good results in terms of revenue administration and collection efficiency. We will look at similar applications at the Departments of Excise and Customs as well. Initial steps have been taken by enabling electronic payments at Customs and automated scanning technology. I am very keen to see Sri Lanka’s Customs step up its role as a trade facilitation agency, whilst of course ensuring a healthy contribution to our treasury coffers”, the Minister added.